USDA lowered 2019/20 corn use for ethanol by 375 million bushels to 5.050 billion bushels in the April WASDE. This drop was partially offset by feed and residual demand rising to 5.675 billion bushels, up 150 million bushels from March.
With use 205 million bushels lower, at 13.865 billion bushels, 2019/20 corn ending stocks rose to 2.092 billion bushels.
For soybeans, despite a 20 million bushel bump to crushing demand, now estimated at 2.125 billion bushels, lower exports and residual use led to a decline in overall use, which fell by 56 million bushels to 4.002 billion bushels.
Consequently, 2019/20 soybean ending stocks rose to 480 million bushels.
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